Good Morning Metal Lovers
Yellow metal is trading at 1231-32 level at the moment.Gold is struggling to break its physiological level around 1241-43.Yesterday we were expecting the break to enter the market but it was not happen.We will look to jump in the market from the support level or break of the resistance.I am sharing different time frame chart analysis to give my view for possible next move.Please consider reading the analysis below.
After the break of descending channel in weekly time frame we set our target for metal is 1370-90 , We are bullish in gold as long as gold is trading above the support level that was previously resistance of descending channel.This week closing may clear the picture and give more confirmation in our bullish thoughts.Technically If gold close above 1249-55 level in weekly chart , This may give more confidence for possible next week move to 1271-73 level.Break and closing below 1191-93 level will invalidate this trade setup.I have mention support and target area in a weekly chart below.
Weekly Gold Chart
Daily Gold Overview
Gold move high to 1240-41 level yesterday and close in daily time frame at 1231 level.Daily candle stick closing indicating some more bullish movement today with short term invalidation below 1221 that was yesterday low.Today i am expecting bullish move towards 1253-55 level.movement above 1241-43 will give more confidence towards the first target 1253-55.Gold daily resistance is at 1269-73 level.Support area for daily trend remains the same at 1191-93.In alternate scenario if gold move below 1221 level, We will wait for the next support level to buy gold.I have mention support and resistance area in the chart below.
Gold Daily Chart
1 Hour Gold Over View
Possible small symmetric triangle is forming in 1 hour time frame with immediate support around 1229-31 level.This could be the buying area of triangle.Immediate resistance is at 1241-43 level.Movement and closing above the resistance in 1 hour time frame chart will move gold to the next target level at 1249 and then 1269-71 level.Alternate if gold break the symmetric triangle support at 1229 level ,Then we may look for buy entry from the next 1 hour support at 1211-12.I suggest you to enter the market from the break of triangle or wait for the support area to buy.I have mention support and resistance area in the chart below.
1 Hour Chart
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Mati Ur Rehman
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